NEENAH, WI – Plexus announced $976 million in revenue for the first quarter of its fiscal year, remaining flat compared to the same quarter last year.
"Our team's agility and responsiveness enabled strong operating performance in the fiscal first quarter, resulting in robust financial results to begin fiscal 2025," said Todd Kelsey, president and CEO. "We delivered fiscal first quarter revenue of $976 million, in-line with expectations, and non-GAAP operating margin of 6.0%, near the high end of our guidance and consistent with our long-term goal. This contributed to non-GAAP EPS of $1.73, which exceeded guidance. Furthermore, free cash flow generation surpassed expectations, benefiting from the ongoing efforts of our fiscal 2024 initiatives to drive sustained improvement in working capital efficiency.
"We delivered 30 fiscal first quarter manufacturing wins, representing $212 million in annualized revenue. The wins performance reflects continued strong contribution within our Healthcare/Life Sciences market sector as well as exciting growth opportunities within our Aerospace/Defense and Industrial market sectors. In addition, our engineering solutions team delivered a win total that approached a two-year high, while our funnel of engineering opportunities continues to see increased diversification. We believe both are strong leading indicators of future Plexus revenue growth."
For the second quarter, the company projects revenue of $960 million to $1 billion.